Speaking at a meeting of stakeholders at the bank’s headquarters in Abuja, the CBN Governor, Mr. Godwin Emefiele, said that the loans to be granted operators in the industry would be at and interest rate of not more than 9 per cent and would take into consideration the 3-5 years gestation period of the oil palm.
“We expect to develop a funding model that will take into consideration the 3 – 4-year gestation period required in cultivating palm oil. “This indicates that Nigeria still expends close to $500 million on oil palm importation annually and we are determined to change this narrative. We intend to support improved production of palm oil to meet not only the domestic needs of the market, but to also increase our exports in order to improve our forex earnings.”
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CBN: Nigeria Spends $500m Annually on Palm Oil Importation - THISDAYLIVEThe Governor, Central Bank of Nigeria (CBN) Mr Godwin Emefiele, on Monday said that over five hundred million dollars was being spent annually on importation of palm oil. Emefiele said this at a stakeholders’ meeting on the Palm Oil Value Chain held in Abuja. The meeting was attended by the Governors of Akwa Ibom, Edo … Which palm oil 🙄🙄🙄. Unbelievable!!!! When you guys refused to assist and sponsor young agricultural graduates, It's a pity.
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